Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

A fine mess in Brazil (and Houston)

Tom Fox | July 25, 2018

A very odd set of facts recently came out of a recent legal dispute between Vantage Drilling, a Houston-based drilling contractor, and Brazil’s state-owned oil company Petrobras.

Vantage Drilling successfully pursued a $622 million breach-of-contract claim against Petrobras for its failure to pay Vantage for services delivered. The award was made in a private arbitration, the preferred mechanism for settling such international commercial disputes.

Petrobras had claimed it had not paid Vantage because of material operational failures. Petrobras defenses at the arbitration stage did not succeed. Nor did its counter-claims against Vantage. 

However, after it lost the arbitration award, Petrobras claimed the contract under which Vantage had performed the work, and under which Vantage prevailed at arbitration, was procured through corruption and, therefore, void. Vantage responded that the Justice Department had given it a pass on any Foreign Corrupt Practices Act...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.